Son is a rising Senior at a California College studying finance. Wants to pursue a masters in Data Science at a California college. GAP 3.9. Parents do not qualify for any financial aid and have paid for his education so far without loans.
Will his FASFA for grad school be based off his information vs. ours? He will go to school full time so will not have a job. We can help with Grad school but realize we need to save all we can for retirement so some of his higher ed will need to be on him.
Any tips for paying for grad school are appreciated.
Some schools have grants and scholarships for graduate students, and some have graduate assistantships (students work in exchange for partial or full tuition remission). Some schools may require parents to complete financial aid paperwork so that the school can assess the student’s full situation when awarding institutional aid.
He should check with each school that interests him, asking about their financial aid. He may also consider a forum such as The Grad Cafe for good information pertinent to his interests and needs.
And he might consider getting a job at a company which will pay for/subsidize grad school. It will take longer (three courses a year- one per semester plus summer?) but he won’t be deferring his ability to earn a living AND someone else will be on the hook for his tuition! I know someone doing this now- two courses per semester which is tough; but she’s earning a solid salary AND getting her program paid for so it’s worth the short term pain. Her parents were maxxed out after undergrad… which you can surely sympathize with!
His FAFSA will contain his financials only. BUT grad school aid is very different than undergrad aid. There are no Pell grants. All federally funded grad loans (both Direct Loans and Grad Plus) are unsubsidized. The grad schools don’t meet full need based on the FAFSA.
Grad school aid comes in the form of scholarships, assistantships, grants, sometimes tuition remissions, fellowships, and loans. Sometimes there is work study. But not all grad programs offer that.
Students receive these awards based on the strength of their applications, and the college’s desire to have the student as part of the grad cohort.
@kelsmom what is the Direct Loan limit for grad school students?
Does he have an undergrad in Data Science? The problem with master’s degrees is that they come with higher pay grades, and many companies don’t like hiring people at that pay grade without the employee having any experience in the field. So if his undergraduate degree in an data science, I recommend that he first try to work for a few years before going to get his Masters. That will also allow him to save some money to pay for his degree.
Master’s degrees tend to be cash cows for the universities, i…e, full pay (with Grad+ Loans). Perhaps he can get a job as a Research Assistant or TA, but those jobs go to the PhD students first.